Have you set it up correctly - I don't know which port it should be on for a CF card: ttyS0 is the serial port, so I'd try ttyS1/2/3, etc.

Assuming you do have it setup correctly, I doubt qpegps is at fault, but you can manually connect to gpsd (telnet to it - the port it runs on should be listed in qpegps), in fact you should also check that gpsd hasn't crashed.

The other thing to try (if you're not sure whether data is actually coming out of the GPS - possibly because you don't know which ttyS it should be on) is to use minicom to connect to it directly and see whether it outputs NMEA data.